LEGAL
How to speed up the property transfer process
Simon Dippenaar
You’ ve signed an Offer to Purchase on your dream house, which has been accepted by the seller, and you’ re looking forward to cocktails at the poolside of your new home in two months’ time. Don’ t bank on your transfer going through in eight weeks. There are many things that can delay the process, causing huge frustration and added costs.
Statistics show that it ordinarily takes two to three months from the date of sale to the date of transfer of the property into the purchaser’ s name. If the property is bond-free, or the transaction is a cash sale with no suspensive conditions, registration of transfer can be achieved sooner. If the purchaser and seller sign the necessary documentation when requested by the conveyancers, costs are paid timeously and there are no unexpected hiccups on the way.
On the other hand, registration may be delayed for months if the transaction is dependent on linked sales, or where the suspensive conditions in the Offer to Purchase are not fulfilled promptly.
Occupation & Possession
As there are many aspects of the transfer process beyond the control of the conveyancer, it is impossible to guarantee a definite date of transfer, although a fairly accurate date may be forecast. For this
22 MAY 2021 SA Real Estate Investor Magazine